THE IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON QUALITY OF FINANCIAL STATEMENTS

ABSTRACT

The adoption of International Financial Reporting Standards (IFRS) has been a significant milestone for Nigeria's accounting and financial reporting landscape. This research project investigates the profound implications of IFRS implementation on the quality of financial statements within the Nigerian context. The study utilized thirteen (13) quoted deposit banks in Nigeria in executing the study with analysis period of 10 years spanning from 2008 to 2011, representing the period before the IFRS implementation, and from 2013 to 2016, representing the post-IFRS era. In analyzing the data and testing the research hypothesis, the study adopted the use of descriptive statistics, correlation analysis and other models to analysis the data. Findings from the study revealed that timely loss recognition has a positive and direct impact on financial statement quality, as IFRS adoption improved the statement quality, value relevance has a positive relationship with quality of financial statement indicating the effect IFRS has on financial statement quality and that financial statement quality is not solely dependent on just one Variable.